Dr. Gleb Tsipursky – The Office Whisperer
Cat Johnson – Coworking Marketing Maven
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Andrea Pirrotti-Dranchak – Competitive Advantage
Jonathan Price – CRE & Flex Expert
Jeremy Fennema – Tech Innovation Alchemist
In a similar guise to the tech industry, the media world is also experiencing dramatic layoffs early this year.
At both traditional media companies, and at purely digital ones, once formidable giants are slowly losing their ability to make waves — and keep people informed. Recently, two influential companies that helped pave the way for the digital media landscape to grow, Vice Media and BuzzFeed, announced significant layoffs and strategic changes.
According to a report published by CNN Business, Vice Media announced on Thursday that it would lay off several hundred staff members at the company and cease to publish articles on its website. The company is reportedly pivoting its business model to resemble more of a media studio than a traditional newsroom.
On Wednesday, BuzzFeed announced it will lay off 16% of its workforce as it moves to completely overhaul the organization.
CEO of BuzzFeed Jonah Perretti stated in the company’s announcement, “The changes we announced today will enable an exciting next stage for our company, with increased focus on our iconic brands — BuzzFeed, HuffPost, First We Feast and Hot Ones, and Tasty; a more efficient cost structure and operational model; and the ability to accelerate innovation powered by AI and interactive content formats. I look forward to sharing more in the coming months.”
BuzzFeed and Vice were two digital media companies that at one point in time were valued over a billion dollars each. In 2021, Vice had a $5.7 billion valuation, as reported by Fortune. That same year, BuzzFeed’s valuation briefly surged past $1.5 billion, according to a report published by CNBC.
BuzzFeed also announced that it has divested and sold Complex to livestream shopping platform NTWRK for $108 million, which it acquired in 2021 for $300 million, according to a report published by Axios. On the other hand, Vice Media’s layoffs follow a dramatic period that saw the company narrowly avoid bankruptcy thanks to a buyout by Fortress Investment Group.
The recent decisions have some questioning what the future holds for many journalists in a fast-moving digital workforce — where influencers, marketers, reporters, meme creators, etc., are all competing for viewership, readership, and customers. Additionally, the downsizing of these digital-first companies coincides with a much broader work-related shadow looming over news outlets across the industry.
In in recent weeks, major outlets including:
- Business Insider,
- Forbes,
- New York Daily News,
- NowThis,
- Time,
- Sports Illustrated,
- National Geographic,
- The Baltimore Sun,
- Los Angeles Times,
- The Messenger,
- The Wall Street Journal,
- and Condé Nast have all undergone layoffs.
As digital media companies grapple with major changes, the future of journalism and professionally vetted content creation is at stake. Downsizing staff impacts a newsroom’s ability to report on both niche and widespread topics influencing the future of work, including the latest AI developments. Now more than ever, industry pioneers are faced with the challenge of adapting to survive in an increasingly competitive and technologically driven industry — all while maintaining the high ethical standards of the fourth estate.
